Sustainable Energy Technologies Ltd. (Calgary, Alberta, Canada) announced operating and financial results for the nine months ending June 30 2003. The net loss before interest, taxes, depreciation and amortization for the nine months ended June 30, 2003, was $511,161 and $324,032 for the quarter. Operations expenses have increased since June 30, 2002, in large measure because the company is no longer in the development stage, but also due to increased spending on product commercialization for the solar power market.
General and administrative expenses have increased from $103,439 for the June 30, 2002, fiscal period to $218,708 for the June 30, 2003, fiscal period. Interest during the nine months ended June 30, 2003, was $104,358. At June 30, 2003, liquidity, as measured by working capital, was $259,282 versus $534,772 at September 30, 2002, a decrease of $794,054.
“We are on track to achieve our goals for this year,” said Michael Carten, Sustainable Energy’s president and CEO. “We have completed the power inverter platform that will support a range of grid-interactive product offerings to the alternative energy industry. Sales to two of the world’s leading developers of stationary fuel cells have established the company as a world leader in power electronics for the fuel cell industry.”
